AWH Announces Third Quarter 2025 Financial Results

• Delivered Q3 2025 Net Revenue of $124.7 million
• Achieved Q3 2025 Adjusted EBITDA¹ of $31.1 million, representing a 24.9% margin
• Focused margin optimization fueled sequential Adjusted Gross Margin¹ growth of 300-basis points to 46.4%
• Drove strategic market densification with seven new stores added year-to-date, expanding nationwide footprint to 46 locations²

NEW YORK, Nov. 10, 2025 /PRNewswire/ – Ascend Wellness Holdings, Inc. (“AWH,” “Ascend,” or the “Company”) (CSE: AAWH.U) (OTCQX: AAWH), a leading, multi-state, vertically integrated cannabis operator and consumer packaged goods company, today reported its financial results for the quarter ended September 30, 2025 (“Q3 2025”). Financial results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”), and all currency is in U.S. dollars.

Business Highlights

• Advanced densification strategy through the addition of seven strategically located retail stores year-to-date, enhancing market depth and expanding total footprint to 46 locations nationwide, including partners.
• Subsequent to the quarter, the Company received approval from the New Jersey Cannabis Regulatory Commission for its newest store in Little Falls. This location marks Ascend’s first partner dispensary in New Jersey. The Company is one of only six operators approved under Assembly Bill A4151, which aims to expand investment opportunities for diversely owned cannabis businesses.
• A robust retail development pipeline comprised of 13 additional stores positions the Company to achieve its target of 60 locations2 within the next 12 months, a goal launched at the end of 2024 and subject to regulatory approvals and timelines.
• Executed CPG-driven growth initiatives and customer-focused innovation with a series of product launches including:
  • Expansion of the Effin’ product line with the introduction of effects-based vapes, offered in 1g full-flavor cartridges across five SKUs – Zen, Chillin’, Do It!, Deep Sleep, and Love. The new vapes feature expertly formulated combinations of THC and minor cannabinoids and are available across Illinois, Massachusetts, and New Jersey. An all-in-one disposable format is slated for launch in the coming weeks.
  • Unveiling of new effects-based gummies from Effin’, including five unique flavors and formulations such as Relief (Sour Acai), Zen (Peach & Honey), Showtime (Pina Colada), Deep Sleep (Dark Cherry), and Create (Strawberry Tequila). Select offerings are available in Illinois, Massachusetts, and New Jersey.
  • Launched High Wired infused flower and pre-rolls in New Jersey in September, after an initial highly successful debut in Illinois and Massachusetts in Q2 2025. High Wired is the number two infused flower brand by sales and units across all three states, according to BDSA.
  • Debut of Ozone Reserve and Simply Herb pre-rolls in Ohio, following the state’s approval of the form factor in August 2025.
  • As of the end of Q3 2025, the Company has launched 420 SKUs and remains on track to achieve a record of nearly 550 SKU launches for the full year.
  • Rollout of Simply Herb’s all-in-one disposable 1g vapes in seven unique flavors early in the fourth quarter of 2025, such as Mango Sticky Rice and Fruit Lagoon, across Illinois, Massachusetts, and New Jersey.
• Launched a fully integrated e-commerce ecosystem in alignment with AWH’s customer-first focus, including a redesigned Dutchie-powered shopping platform, an app featuring AI-driven personalization, Ascend Pay pay-by-bank functionality, and an enhanced Ascenders Club loyalty program with tiered, points-based rewards and exclusive benefits.
• Strengthened capital position with the closing of a $9.3 million financing from CF Bank through a mortgage loan secured by our Ohio real estate assets (the “Ohio Mortgage Loan”). The Ohio Mortgage Loan carries a competitive interest rate of 8.5% per annum and matures in September 2030.
• Repurchased approximately 1.0 million shares of Class A common stock (“Common Shares”) in the open market under AWH’s normal course issuer bid (“NCIB”) share buyback program (the “Buyback Program”) in Q3 2025.
  • Since Q4 2024, the Company has repurchased and retired a total of approximately 15 million shares at an average price of $0.30 per share3. Share repurchases under the Buyback Program are expected to continue in line with NCIB terms and applicable regulatory limits.

Q3 2025 Financial Highlights

• Total net revenue was $124.7 million compared to $127.3 million in the second quarter of 2025 (“Q2 2025”).
  • Retail revenue was $83.8 million, a 3.1% sequential decrease.
  • Wholesale revenue increased 0.3% quarter-over-quarter to $41.0 million.
• Adjusted Gross Profit¹ was $57.8 million compared to $55.3 million in Q2 2025.
• Net loss of $25.8 million compared to $24.4 million in Q2 2025.
• Adjusted EBITDA1 was $31.1 million for Q3 2025, representing a 24.9% margin¹.
  • Quarter-over-quarter, Adjusted EBITDA¹ increased 8.9% and Adjusted EBITDA Margin¹ increased by 250-basis points.
• As of September 30, 2025, cash and cash equivalents were $87.3 million and Net Debt4 was $281.8 million.

Original press release

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